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deeege

  • Posts: 3472
Re: Self employed - register for pay out
« Reply #60 on: March 26, 2020, 11:21:14 am »
Iíve just logged in to my tax account to check up on exactly Iíve paid myself over the last 3 years.

16/17 - £6k from employment - rest dividend
17/18 - £6k from employment - rest dividend
18/19 - £10k from employment - rest dividend.

So assuming itís true Iíll only be entitled to a maximum of 80% of wages and 0 from dividends, Iíll get a maximum of £500 per month 😂 (assuming itís not means tested also)

Iíd much rather be able to go to work but with all of my commercial accounts now on hold I donít even have that option.

Looks like the rainy day has definitely arrived doesnít it.

This place is going to go into meltdown later  when the reality sinks in that most if us will get basically nothing from the government by way of support.
"....and it's lend me ten pounds, I'll buy you a drink, and mother wake me early in the morning."

RPCCS

  • Posts: 793
Re: Self employed - register for pay out
« Reply #61 on: March 26, 2020, 11:48:35 am »
or it could be that she had to spend 4 years at Uni racking up debt, whilst we can learn our job in ........5 minutes🤪

University is really difficult; trying to fit the studies in-between all the drinking, partying, sex and drugs.

Terrible isn't it?

Teaching isn't easy though; I wouldn't want to do it.  Kids are 'orrible things.
Don't tar all students with the same brush. My daughter finished uni inn June last year and didn't party go out on the lash or go shagging around. She now has over 30k of debt and still no job. Its not a non stop party for everyone.
Cheers Rich

NWH

  • Posts: 11468
Re: Self employed - register for pay out
« Reply #62 on: March 26, 2020, 11:49:41 am »
The customers that are calling me are out of the way vehicle canít be seen etc,Iíll be tempted come 5 oíclock when they say we will didly squat 😂

P @ F

  • Posts: 5846
Re: Self employed - register for pay out
« Reply #63 on: March 26, 2020, 11:55:05 am »
So should I take my gross or net  over the last 3 years to get my shock ?
I'm so lazy I'm getting tired of it !

G Griffin

  • Posts: 21760
Re: Self employed - register for pay out
« Reply #64 on: March 26, 2020, 12:00:13 pm »
So should I take my gross or net  over the last 3 years to get my shock ?
Dunno yet.
It'd be net, I think. It'll be like a compensatory package so it's not going to be too detailed.
⭐⭐⭐⭐⭐⭐

Slacky

  • Posts: 2911
Re: Self employed - register for pay out
« Reply #65 on: March 26, 2020, 12:22:42 pm »
Iíve had people calling and texting saying they want there windows cleaning still they are still having the gardeners and other workers round,the places are vast a lot of them you donít come into contact with anyone.
I still think later on today it will be a poor offering they may even say people like us if you work alone and customers are compliant carry on,you wonít get any kind of payment anyway until the end of April doesnít matter what it is.

Can you put a screenshot up of these imaginary texts and your reply please.

Slacky

  • Posts: 2911
Re: Self employed - register for pay out
« Reply #66 on: March 26, 2020, 12:24:53 pm »
Iíve just logged in to my tax account to check up on exactly Iíve paid myself over the last 3 years.

16/17 - £6k from employment - rest dividend
17/18 - £6k from employment - rest dividend
18/19 - £10k from employment - rest dividend.

So assuming itís true Iíll only be entitled to a maximum of 80% of wages and 0 from dividends, Iíll get a maximum of £500 per month 😂 (assuming itís not means tested also)

Iíd much rather be able to go to work but with all of my commercial accounts now on hold I donít even have that option.

Looks like the rainy day has definitely arrived doesnít it.

This place is going to go into meltdown later  when the reality sinks in that most if us will get basically nothing from the government by way of support.

Why have you submitted such low figures. The reality is no-one earns that these days. I presume it was to avoid paying tax?

davids3511

  • Posts: 2426
Re: Self employed - register for pay out
« Reply #67 on: March 26, 2020, 12:26:35 pm »
Iíve just logged in to my tax account to check up on exactly Iíve paid myself over the last 3 years.

16/17 - £6k from employment - rest dividend
17/18 - £6k from employment - rest dividend
18/19 - £10k from employment - rest dividend.

So assuming itís true Iíll only be entitled to a maximum of 80% of wages and 0 from dividends, Iíll get a maximum of £500 per month 😂 (assuming itís not means tested also)

Iíd much rather be able to go to work but with all of my commercial accounts now on hold I donít even have that option.

Looks like the rainy day has definitely arrived doesnít it.

This place is going to go into meltdown later  when the reality sinks in that most if us will get basically nothing from the government by way of support.
You wont even get the £500. My accountant recons you cant furlough yourself from your own company.

p1w1

  • Posts: 3779
Re: Self employed - register for pay out
« Reply #68 on: March 26, 2020, 12:27:32 pm »
Iíve had people calling and texting saying they want there windows cleaning still they are still having the gardeners and other workers round,the places are vast a lot of them you donít come into contact with anyone.
I still think later on today it will be a poor offering they may even say people like us if you work alone and customers are compliant carry on,you wonít get any kind of payment anyway until the end of April doesnít matter what it is.

Can you put a screenshot up of these imaginary texts and your reply please.
Give him time for his Mrs to make something up for him  ;D

davids3511

  • Posts: 2426
Re: Self employed - register for pay out
« Reply #69 on: March 26, 2020, 12:28:06 pm »
Iíve just logged in to my tax account to check up on exactly Iíve paid myself over the last 3 years.

16/17 - £6k from employment - rest dividend
17/18 - £6k from employment - rest dividend
18/19 - £10k from employment - rest dividend.

So assuming itís true Iíll only be entitled to a maximum of 80% of wages and 0 from dividends, Iíll get a maximum of £500 per month 😂 (assuming itís not means tested also)

Iíd much rather be able to go to work but with all of my commercial accounts now on hold I donít even have that option.

Looks like the rainy day has definitely arrived doesnít it.

This place is going to go into meltdown later  when the reality sinks in that most if us will get basically nothing from the government by way of support.

Why have you submitted such low figures. The reality is no-one earns that these days. I presume it was to avoid paying tax?
That is just the PAYE portion of his income. He pays the majority of the tax on the profit the company makes through corporation tax and divident tax.

Whey_Aye_Banzai

  • Posts: 15203
Re: Self employed - register for pay out
« Reply #70 on: March 26, 2020, 12:30:22 pm »
Don't tar all students with the same brush. My daughter finished uni inn June last year and didn't party go out on the lash or go shagging around. She now has over 30k of debt and still no job. Its not a non stop party for everyone.

Yes, I'm sure some a proper angels.

But it is a party for the majority of them.

I don't feel sorry for anyone who had a university education and they only start paying back their debt when they earn over £25k a year, via an adjustment in their tax code, at a very low rate.


Slacky

  • Posts: 2911
Re: Self employed - register for pay out
« Reply #71 on: March 26, 2020, 12:32:57 pm »
Iíve just logged in to my tax account to check up on exactly Iíve paid myself over the last 3 years.

16/17 - £6k from employment - rest dividend
17/18 - £6k from employment - rest dividend
18/19 - £10k from employment - rest dividend.

So assuming itís true Iíll only be entitled to a maximum of 80% of wages and 0 from dividends, Iíll get a maximum of £500 per month 😂 (assuming itís not means tested also)

Iíd much rather be able to go to work but with all of my commercial accounts now on hold I donít even have that option.

Looks like the rainy day has definitely arrived doesnít it.

This place is going to go into meltdown later  when the reality sinks in that most if us will get basically nothing from the government by way of support.

Why have you submitted such low figures. The reality is no-one earns that these days. I presume it was to avoid paying tax?
That is just the PAYE portion of his income. He pays the majority of the tax on the profit the company makes through corporation tax and divident tax.

Ok. Thanks. Iím fick when it comes to that kind of thing.

deeege

  • Posts: 3472
Re: Self employed - register for pay out
« Reply #72 on: March 26, 2020, 12:49:29 pm »
Iíve just logged in to my tax account to check up on exactly Iíve paid myself over the last 3 years.

16/17 - £6k from employment - rest dividend
17/18 - £6k from employment - rest dividend
18/19 - £10k from employment - rest dividend.

So assuming itís true Iíll only be entitled to a maximum of 80% of wages and 0 from dividends, Iíll get a maximum of £500 per month 😂 (assuming itís not means tested also)

Iíd much rather be able to go to work but with all of my commercial accounts now on hold I donít even have that option.

Looks like the rainy day has definitely arrived doesnít it.

This place is going to go into meltdown later  when the reality sinks in that most if us will get basically nothing from the government by way of support.

Why have you submitted such low figures. The reality is no-one earns that these days. I presume it was to avoid paying tax?
That is just the PAYE portion of his income. He pays the majority of the tax on the profit the company makes through corporation tax and divident tax.

Ok. Thanks. Iím fick when it comes to that kind of thing.

Yes as David3511 pointed out, itís the tax efficient way of paying yourself when a director of a limited company. The rest is paid as a dividend and the tax is paid by the LTD company as corporation tax 20%.

Certainly nothing dodgy and every penny earned is declared and tax paid on it.
"....and it's lend me ten pounds, I'll buy you a drink, and mother wake me early in the morning."

Gomo

  • Posts: 3967
Re: Self employed - register for pay out
« Reply #73 on: March 26, 2020, 12:50:01 pm »
Iíve just logged in to my tax account to check up on exactly Iíve paid myself over the last 3 years.

16/17 - £6k from employment - rest dividend
17/18 - £6k from employment - rest dividend
18/19 - £10k from employment - rest dividend.

So assuming itís true Iíll only be entitled to a maximum of 80% of wages and 0 from dividends, Iíll get a maximum of £500 per month 😂 (assuming itís not means tested also)

Iíd much rather be able to go to work but with all of my commercial accounts now on hold I donít even have that option.

Looks like the rainy day has definitely arrived doesnít it.

This place is going to go into meltdown later  when the reality sinks in that most if us will get basically nothing from the government by way of support.

Are you a director? I think I've dropped a bollock by going Ltd, looks like we might be left out. Neither considered employed nor self employed.

Jonny 87

  • Posts: 3130
Re: Self employed - register for pay out
« Reply #74 on: March 26, 2020, 12:54:19 pm »
its alright saying go to work but at the end of the  day its your customers choice to want you there in the first place some, undoubtedly may,  but you may get shunned  and slated from other people put on social media  then that is your reputation ruined. i have always put money aside just in case no matter what. that,s the way i was brought up.any its every ones choice. stay safe .

Harley youíve made your position absoloutly   clear.

This is a moral stance your taking.

So even when itís announced tonight that we are going to get zero help, your not going out your house until this is all over. Looking at 6 months probably.

I know youíve got your wifeís wages, but still.

Your stance isnít based on finances. Itís about keeping the country safe.

Even though when self employed people are having to go back to work (safely I may add), you are going to happily sit at home and potentially lose all your customers.

You made your stance pretty clear.

..... I think?
Vision Technician / Visual Engineer /  Vision Enhancement Operative /...........................................................OnlyUseMeWFP AkA Jonny the Windy Wesher

deeege

  • Posts: 3472
Re: Self employed - register for pay out
« Reply #75 on: March 26, 2020, 01:27:44 pm »
Iíve just logged in to my tax account to check up on exactly Iíve paid myself over the last 3 years.

16/17 - £6k from employment - rest dividend
17/18 - £6k from employment - rest dividend
18/19 - £10k from employment - rest dividend.

So assuming itís true Iíll only be entitled to a maximum of 80% of wages and 0 from dividends, Iíll get a maximum of £500 per month 😂 (assuming itís not means tested also)

Iíd much rather be able to go to work but with all of my commercial accounts now on hold I donít even have that option.

Looks like the rainy day has definitely arrived doesnít it.

This place is going to go into meltdown later  when the reality sinks in that most if us will get basically nothing from the government by way of support.

Are you a director? I think I've dropped a bollock by going Ltd, looks like we might be left out. Neither considered employed nor self employed.

I was until mid way through 18/19 tax year, then I dissolved the company and am now self employed .

Not looking great for us is it. 👎
"....and it's lend me ten pounds, I'll buy you a drink, and mother wake me early in the morning."

Slacky

  • Posts: 2911
Re: Self employed - register for pay out
« Reply #76 on: March 26, 2020, 01:33:45 pm »
Iíve just logged in to my tax account to check up on exactly Iíve paid myself over the last 3 years.

16/17 - £6k from employment - rest dividend
17/18 - £6k from employment - rest dividend
18/19 - £10k from employment - rest dividend.

So assuming itís true Iíll only be entitled to a maximum of 80% of wages and 0 from dividends, Iíll get a maximum of £500 per month 😂 (assuming itís not means tested also)

Iíd much rather be able to go to work but with all of my commercial accounts now on hold I donít even have that option.

Looks like the rainy day has definitely arrived doesnít it.

This place is going to go into meltdown later  when the reality sinks in that most if us will get basically nothing from the government by way of support.

Why have you submitted such low figures. The reality is no-one earns that these days. I presume it was to avoid paying tax?
That is just the PAYE portion of his income. He pays the majority of the tax on the profit the company makes through corporation tax and divident tax.

Ok. Thanks. Iím fick when it comes to that kind of thing.

Yes as David3511 pointed out, itís the tax efficient way of paying yourself when a director of a limited company. The rest is paid as a dividend and the tax is paid by the LTD company as corporation tax 20%.

Certainly nothing dodgy and every penny earned is declared and tax paid on it.

My intention wasnít to imply there were any shady dealings going on. I have re-read my post and can see that it might thought I was implying that. If thatís how you perceived it then I apologise.

NWH

  • Posts: 11468
Re: Self employed - register for pay out
« Reply #77 on: March 26, 2020, 02:02:40 pm »
They shoot me in the foot later Iíll be off shining in the morning texts galore I canít see out if you can yes please 😂

Gomo

  • Posts: 3967
Re: Self employed - register for pay out
« Reply #78 on: March 26, 2020, 03:01:56 pm »
They shoot me in the foot later Iíll be off shining in the morning texts galore I canít see out if you can yes please 😂

Well if theres no help AND we are still allowed to work may as well i guess, reluctantly so but cant sit around for too long watching my bank balance go down.

NWH

  • Posts: 11468
Re: Self employed - register for pay out
« Reply #79 on: March 26, 2020, 03:06:38 pm »
Iíve got stuff lined up waiting to go for tomorrow for when his speech is finished,he will be trying to baffle us all with nonsense